Hoffa: New House Tax Bill Benefits Big Business, Wealthy Over U.S. Workers

(WASHINGTON) – The following is a statement from Teamsters General President Jim Hoffa in response to the rollout of a new House Republican tax proposal today that would give corporations and the nation’s wealthiest households a huge tax cut at the expense of hardworking Americans.

”At a time when big business is already pocketing sky-high profits and the top one percent of earners are seeing their incomes significantly grow, it is confounding why Congress would focus on increasing their wealth at the expense of the country’s workers. Working Americans would see much-needed deductions for medical costs ended under this legislation. The bill would also cap deductions on local and state taxes as well as home mortgages, deductions that middle-class families rely on.

”The march to repeal the estate tax that only affects the nation’s most wealthy and lowering the corporate tax rate from 35 to 20 percent will not help those working hard every day to support their families. Those tax cuts will be paid for by more than $4 trillion in cuts to Social Security, Medicare, Medicaid and education, services that benefit working Americans. The rest of the cost will be thrown on the backs of our children and grandchildren to cover.

“This plan is a flashback to the 1980s, when trickle-down economics was all the rage. It is now widely agreed to have been a failure, especially for those fighting to make ends meet. If Congress wants to provide real economic relief for middle-class Americans, it can start by repealing the 40 percent excise tax on high quality insurance plans. That’s the kind of change that will help those who need it the most.”

Re: Hoffa: New House Tax Bill Benefits Big Business, Wealthy Over U.S. Workers

Not that I care what junior has to say, but he echos what many other say too.

At a time when big business is already pocketing sky-high profits and the top one percent of earners are seeing their incomes significantly grow, it is confounding why Congress would focus on increasing their wealth at the expense of the country’s workers.

Corporations are beyond wealthy, the richest of the world have seen astronomical increases in their wealth, but it's not enough.

Republican lawmakers unveiled a sweeping rewrite of the tax code on Thursday, outlining a $1.5 trillion plan that will deliver a significant tax cut for corporations and more modest savings for middle-class families while tilting the United States closer, but not entirely, toward the kind of tax system long championed by businesses.

Not every republican is on board either.

Several Republican lawmakers said they would oppose the bill in its current form, including Representatives Leonard Lance and Frank A. LoBiondo of New Jersey.

And these groups also oppose the bill in it's current form.

Jerry Howard, the chief executive of the National Association of Homebuilders, said in an interview. “They are picking rich Americans and corporations over small businesses and the middle class.”
The National Federation of Independent Business, which said in a statement it is “unable to support the House tax reform plan in its current form.”

I predict a hard road ahead for the bill in it's current state. I don't expect passage and I don't expect to see much from the hard line republicans.
It's full steam ahead to help corporate and wealthy America. Reaganomics all over again.

Re: Hoffa: New House Tax Bill Benefits Big Business, Wealthy Over U.S. Workers

Originally Posted by fxstc07

Not that I care what junior has to say, but he echos what many other say too.

Corporations are beyond wealthy, the richest of the world have seen astronomical increases in their wealth, but it's not enough.

Not every republican is on board either.

And these groups also oppose the bill in it's current form.

I predict a hard road ahead for the bill in it's current state. I don't expect passage and I don't expect to see much from the hard line republicans.
It's full steam ahead to help corporate and wealthy America. Reaganomics all over again.

Corporations are beyond wealthy, the richest of the world have seen astronomical increases in their wealth, but it's not enough.

Many got rich because of bad trade deals and it was cheaper to make goods out of the country but instaed of passing on the savings they put them in their own pockets..

Not every republican is on board either.

Gonna be a hard sell in the Northeast blue states where they already have a very high tax burden..

And these groups also oppose the bill in it's current form.

Homebuilders?? Well yeah because their is an interest cap at $500000.. They like selling those million dollar homes..

I predict a hard road ahead for the bill in it's current state. I don't expect passage and I don't expect to see much from the hard line republicans.
It's full steam ahead to help corporate and wealthy America. Reaganomics all over again.

I do think they will get something passed.. Republicans know if they get nothing done then there will be many looking for a new job after the 2018 election.